Bitcoin prices continued to fall, falling from $65,000 to below $62,000, reaching new multi-week lows. This is the lowest point since the Fed cut interest rates by two cents in September. The violent fluctuations led to the liquidation of nearly 120,000 over-leveraged long traders, with a total value of US$350 million. The main currencies are still concentrated in Bitcoin and Ethereum. , most currencies showed a net outflow of funds.

The main selling pressure this time comes from Bitcoin spot ETFs. According to Farside statistics, the net outflow of Bitcoin ETF funds in the United States on Tuesday reached $120 million, which is a new high in recent continuous outflows. Although it does not represent all, it somewhat hints that global funds are moving from Outflows from the United States will be transferred to China and Japan, and the U.S. capital market will face a temporary stagnation.

But the situation will not last long. The Japanese yen has been deleveraging for a long time, and it is not expected to have a big impact on trading sentiment. What is more noteworthy is the Chinese stock market. At present, foreign capital is rushing into A-shares and Hong Kong stocks for speculation. If you stop pushing up prices, you will have to wait for funds to withdraw before returning to the U.S. market. During this period, the trends of U.S. stocks and cryptocurrencies will be greatly challenged.

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〈MICA Daily｜Bitcoin fell below US$62,000, triggering a forced liquidation of US$350 million〉 This article was first published on "Blocker".